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| APPA > SEC Filings for APPA > Form 8-K on 5-Nov-2008 | All Recent SEC Filings |
5-Nov-2008
Results of Operations and Financial Condition, Costs Associated with Exit or D
On November 5, 2008, A.P. Pharma, Inc. (the "Company"), issued a press release regarding the Company's financial results for its third fiscal quarter ended September 30, 2008.
On November 5, 2008, the Company, to better focus the its resources on APF530, announced implementation of a corporate realignment placing earlier stage development programs "on hold", headcount reductions of approximately 35% of its workforce and other cost-saving initiatives to reduce expenses. In connection with the staff reduction, the Company expects to make severance payments of approximately $0.3 million which will be recognized in the fourth quarter of fiscal 2008.
In connection with the workforce reduction described above, Anastassios Retzios' employment terminated and Mr. Retzios ceased to serve as the Company's Vice- President of Clinical Development, effective November 3, 2008.
The foregoing description is qualified in its entirety by reference to the Registrant's Press release dated November 5, 2008, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
(d) Exhibits
99.1 Press release dated November 5, 2008, entitled A.P. PHARMA REPORTS RESULTS
FOR THE THIRD QUARTER 2008 COMPANY PRESENTS NEW PHASE 3 CLINICAL DATA FOR
APF530 AND ANNOUNCES COST REDUCTION ACTIONS
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